Bahrain's Rain platform reportedly won the first crypto license from the regulatory authority in the Middle Eastern region. The announcement was made in the company's blog on July 30.
According to the statement, the exchange successfully obtained Crypto-Asset Module License from the Central Bank of Bahrain.
"We are happy to announce that Rain has acquired the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain (CBB)," the company said.
In should be mentioned that Rain recorded two events over the week. Along with the license, it also managed to complete the funding round with $2.5 million investments. One of the backers was a unit of BitMEX exchange.
As the company representative commented, the license makes Rain the first crypto exchange in the region that is licensed by the regulatory authorities.
The company said in the blog post:
"By becoming a licensed exchange, we are able to form more lasting relationships with our banking partners and payment processors...This has lead to more stable banking relationships, better pricing, lower fees, and more reliable deposit and withdrawal processes for our customers."
This is definitely a great success for the company since the Middle Eastern region is known for its complicated and tough conditions for the companies dealing with cryptocurrencies, especially trading platforms.